EDPR is set to partner up with Chinese developer China Three Gorges Corporation, giving it a 30% stake in the 1.1GW Moray Firth offshore project in Scotland.
It has been reported in the Portugese media that the pair signed an “investment cooperation agreement” yesterday. Under the deal, CTG will buy up to 30% of the equity and shareholder loans directly or indirectly owned by EDPR in the project company Moray Offshore Renewable Ltd.
The investment is planned to occur in two stages. The Chinese company will invest in 10%-20% once a new Contract for Difference (CfD) allocation round has been announced by the UK government. If the Moray project wins a CfD, CTG will make an additional investment of up to 10%.
It is believed the project may be divided into a number of phases to allow “a proper bidding strategy” for CfDs, EDPR said.
The CTG deal hinges on “regulatory and third party approvals, and other precedent conditions.”
Image: Moray Firth viewed from Findhorn (Wikimedia Commons)
